NVAXNOVAVAX INC
Biological Products, (no Diagnostic Substances)
- Revenue
- $1.1B
- 65% YoY
- Operating margin
- 40.3%
- 210% YoY
- EBITDA
- $481M
- 339% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 0.2×
- $100M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired-56% of net incomeCash flow under 80% of net income
- Dilutive SBCClear3% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear12% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $2.0B | $984M | $682M | $1.1B | 65% |
| Operating income | −$1.7B | −$645M | −$567M | −$249M | $453M | 282% |
| Net income | −$1.7B | −$658M | −$545M | −$187M | $440M | 335% |
| Operating cash flow | $323M | −$416M | −$714M | −$87M | −$245M | 180% |
| Capex | $57M | — | — | — | — | |
| Stock-based comp | $184M | $130M | $85M | $48M | $36M | 25% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | $6M | 6 | 85 |
| FY2024 | — | — | 7 | 60 |
| FY2023 | — | — | 4 | 59 |
| FY2022 | — | — | 9 | 50 |
| FY2021 | — | — | 128 | 70 |